The persuasive GCC Identity Verification market research report makes available fluctuations in CAGR values during the forecast period of 2021-2028 for the market. This wide ranging market study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis. The competitive landscape section of the report emphasizes on understandable insight about the market share analysis of major industry players. The report offers all-encompassing study about production capacity, consumption, import and export for all the major regions across the world. What is more, businesses can gain insights into profit growth and sustainability programme with an influential GCC Identity Verification market report.
Data Bridge Market Research analyzes that the GCC identity verification market is expected to reach a value of USD 996,843.09 thousand by 2029, at a CAGR of 11.9% during the forecast period. Solutions in identity verification account for the most prominent modules mode segment. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Market Overview:
Identity verification refers to the services and solutions used to verify the authenticity of a person's physical identity or their documents, such as a driver's license, passport, or a nationally issued identity document and others. Identity verification is an important process that ensures a person's identity matches the one it is supposed to be. Identity verification solutions and services ensure that a real person is operating behind a process and proving the one they claim to be, preventing false identities or fraud. Identity verification is an essential requirement in many business processes and procedures.
Restraints/Challenges
- Surge in fraudulent activities
Identity verification solutions and services ensure that there is a real person operating behind a process and prove that the one is who he or she claims to be, preventing false identities from committing fraud. Identity verification and authentication is an essential requirement in various businesses.
- Lack of awareness regarding identity verification solutions
There is a huge demand for digitization and technological advancement across industries in various countries. Identity verification and authentication solutions allow organizations to quickly verify the digital identities of new and existing customers.
Some of the major players operating in the GCC identity verification market are Experian Information Solutions, Inc. (A Subsidiary of Experian plc), LexisNexis Risk Solutions Group., Onfido, GB Group plc ('GBG'), Acuant, Inc., IDEMIA, Thales Group, Shufti Pro, Uqudo, Western Union Holdings, Inc., Plaid Inc., IDMERIT., AccuraTechnolabs, Ping Identity, IDnow., AML UAE., Stripe, Elm Company, Refinitiv, Trulioo., QlikTech International AB, among others.
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